CEI offers fast track microloans for existing and start-up businesses. Decisions will typically be made within three business days.
The initial requirement is a 2-page application and impact data survey from all owners with a 20% or greater share of the business.
Details:
- Funds can be used for working capital, equipment, or to refinance existing higher cost debt
- Funds cannot be used for real estate purchase
- Up to 60-months fully amortizing
- No prepayment penalty
- Non-profit businesses do not qualify
Existing Businesses
(can show at least 6 months of revenue)
| Credit Score | Maximum Amount | Rate |
| 625-674 | $15,000 | 8% |
| 675-724 | $20,000 | 8% |
| 725 up | $25,000 | 7.5% |
Start-Up Businesses
(have had less than 6 months of revenue)
| Credit Score | Maximum Amount | Rate |
| 650 up | $15,000 | 8% |
*Meeting credit score requirements neither guarantees loan approval nor requested loan amount
Primary requirements of approval:
- A first position lien on all business assets
- Personal guaranty from all business owners with a 20% or greater share of the business
- Payment by ACH
- Start-up businesses must have a business advisor
If applicable, the following documentation will be requested:
- Legal documents
- Evidence of insurance
- Copy of current lease
- Borrower’s Resolution
- Additional items, as needed